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            <principalName>WELLS FARGO SECURITIES, LLC</principalName>
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            <principalName>MARKETAXESS CORPORATION</principalName>
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          <principalTransaction>
            <principalName>CitiGroup Global Markets Inc.</principalName>
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          <principalTransaction>
            <principalName>U.S. BANCORP INVESTMENTS, INC.</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>72747005.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares DoubleLine Value Equity ETF</mgmtInvFundName>
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        <fundTypes>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>DoubleLine Equity LP</subAdviserName>
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            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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            <adminName>The Bank of New York Mellon</adminName>
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          <broker>
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            <brokerName>CITIGROUP GLOBAL MARKETS INC.</brokerName>
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            <principalName>BOFA SECURITIES, INC.</principalName>
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      <managementInvestmentQuestion>
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        <sharesOutstandings>
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        <transferAgents>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
            <custodianLei>549300HBJLRO8YFMI370</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
            <shareholderServiceAgentLei>HPFHU0OQ28E4N0NFVK49</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
            <adminLei>HPFHU0OQ28E4N0NFVK49</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>INTERACTIVE BROKERS, LLC</brokerName>
            <brokerFileNo>008-47257</brokerFileNo>
            <brokerCrdNo>000036418</brokerCrdNo>
            <brokerLei>50OBSE5T5521O6SMZR28</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>2739.02000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>2739.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
            <principalFileNo>008-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4378350.56000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
            <principalFileNo>008-68193</principalFileNo>
            <principalCrdNo>000149823</principalCrdNo>
            <principalLei>549300RA02N3BNSWBV74</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>14571695.05000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>18950046.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>12138261.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Dorsey Wright Alpha Equal Weight ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000067382</mgmtInvSeriesId>
        <mgmtInvLei>549300X23Z1J4DVEKB51</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Dorsey Wright Alpha Equal Weight ETF" sharesOutstandingClassId="C000216697" sharesOutstandingTickerSymbol="DWEQ"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="N/A" collateralManagerLei="N/A" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>2811062.37000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>3842.02000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-70457</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000149782</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MD" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
            <custodianLei>549300HBJLRO8YFMI370</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
            <shareholderServiceAgentLei>HPFHU0OQ28E4N0NFVK49</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
            <adminLei>HPFHU0OQ28E4N0NFVK49</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
            <brokerFileNo>008-68193</brokerFileNo>
            <brokerCrdNo>000149823</brokerCrdNo>
            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>75995.42000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>75995.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>902905.66000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
            <principalFileNo>008-68193</principalFileNo>
            <principalCrdNo>000149823</principalCrdNo>
            <principalLei>549300RA02N3BNSWBV74</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>129378799.61000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
            <principalFileNo>008-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4503621.84000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS LLC</principalName>
            <principalFileNo>008-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10794827.96000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>145580155.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>65587092.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Newfleet Multi-Sector Income ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000038247</mgmtInvSeriesId>
        <mgmtInvLei>549300TXPL8N66JNJ546</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Newfleet Multi-Sector Income ETF" sharesOutstandingClassId="C000117922" sharesOutstandingTickerSymbol="MINC"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="N/A" collateralManagerLei="N/A" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1259082.96000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2263.90000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-70457</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000149782</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MD" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Newfleet Asset Management, LLC</subAdviserName>
            <subAdviserFileNo>801-51559</subAdviserFileNo>
            <subAdviserCrdNo>000104532</subAdviserCrdNo>
            <subAdviserLei>549300FZNGRGI1YVNB75</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CT" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>BM</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>BNP Paribas Securities Services (Athens)</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Polska Kasa Opieki S.A.</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco de Chile</custodianName>
            <custodianLei>8B4EZFY8IHJC44TT2K84</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse (Switzerland) Ltd.</custodianName>
            <custodianLei>549300CWR0W0BCS9Q144</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC QIANHAI SECURITIES LIMITED</custodianName>
            <custodianLei>213800H3TEBTFHD5JR69</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC NOMINEES (NEW ZEALAND) LIMITED</custodianName>
            <custodianLei>213800NHDWIZKO5KIH05</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>STANBIC IBTC BANK PLC</custodianName>
            <custodianLei>549300NIVXF92ZIOVW61</custodianLei>
            <custodianCountry>NG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Australia Limited</custodianName>
            <custodianLei>DY9DBNI4W8J63Z298033</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Ireland)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>MUFG Bank, Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Securities Korea Co.</custodianName>
            <custodianLei>529900J0N5FYROZOL786</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank (Malaysia) Berhad</custodianName>
            <custodianLei>529900DLWFR8HK7DR278</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Stockholm</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>PT Deutsche Sekuritas Indonesia</custodianName>
            <custodianLei>529900BYFVEGGOM24P36</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
            <custodianLei>549300HBJLRO8YFMI370</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank A.S. (Turkey)</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd.</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon, SA/NV (Italy)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation (Thailand)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S A Sociedad Fiduciaria</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Aberdeen Euro Vallalati Kotveny Alapok Alapja</custodianName>
            <custodianLei>549300UJQU5R5G17NH37</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BANCO CITIBANK S A</custodianName>
            <custodianLei>1P0UUG7LC1S92QTNHG39</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Argentina</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex Afore, S.A. de C.V.</custodianName>
            <custodianLei>5493004NLEXB8DK06353</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
            <shareholderServiceAgentLei>HPFHU0OQ28E4N0NFVK49</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
            <adminLei>HPFHU0OQ28E4N0NFVK49</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>INSTINET, LLC</brokerName>
            <brokerFileNo>008-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>136.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jane Street Execution Services, LLC</brokerName>
            <brokerFileNo>008-69254</brokerFileNo>
            <brokerCrdNo>000167280</brokerCrdNo>
            <brokerLei>549300HXJLXCPDWAH070</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>36.82000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>174.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
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            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          <principalTransaction>
            <principalName>DEUTSCHE BANK SECURITIES, INC.</principalName>
            <principalFileNo>008-17822</principalFileNo>
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            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5402074.56000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
            <principalFileNo>008-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16205275.01000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17070247.20000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
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            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8356754.63000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>WELLS FARGO SECURITIES, LLC</principalName>
            <principalFileNo>008-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>11302956.29000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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            <principalCrdNo>000000079</principalCrdNo>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>24517816.97000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
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            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3497075.11000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10158759.10000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>CitiGroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10755108.06000000</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>149303708.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>73904777.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Dorsey Wright FSM US Core ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000067384</mgmtInvSeriesId>
        <mgmtInvLei>5493001DPU8A1POYN342</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Dorsey Wright FSM US Core ETF" sharesOutstandingClassId="C000216699" sharesOutstandingTickerSymbol="DWUS"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
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        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="N/A" collateralManagerLei="N/A" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>25491319.20000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>35538.38000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-70457</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000149782</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MD" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianName>The Bank of New York Mellon</custodianName>
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          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
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            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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        <aggregateCommission>5021.00000000</aggregateCommission>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
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          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares FolioBeyond Smart Core Bond ETF</mgmtInvFundName>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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            <principalName>BOFA SECURITIES, INC.</principalName>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Pure Cannabis ETF</mgmtInvFundName>
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          <fundType>Exchange-Traded Fund</fundType>
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        <fundLendSecurities didFundLendSecurities="Y">
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Vice ETF</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Vice ETF" sharesOutstandingClassId="C000194564" sharesOutstandingTickerSymbol="VICE"/>
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          <fundType>Exchange-Traded Fund</fundType>
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        <securityLendings>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <investmentAdvisers>
          <investmentAdviser>
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          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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            <custodianName>The Depository Trust Company</custodianName>
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            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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            <adminName>The Bank of New York Mellon</adminName>
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          <broker>
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        <aggregateCommission>10203.00000000</aggregateCommission>
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          <principalTransaction>
            <principalName>CRAFT BREW ALLIANCE INC</principalName>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Dorsey Wright FSM All Cap World ETF</mgmtInvFundName>
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            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
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          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
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            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        <isShareholderServiceHiredTerminated>Y</isShareholderServiceHiredTerminated>
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            <adminName>The Bank of New York Mellon</adminName>
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        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
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            <principalName>VIRTU AMERICAS LLC</principalName>
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          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
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            <principalLei>549300HN4UKV1E2R3U73</principalLei>
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        <principalAggregatePurchase>6417236.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3044968.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Dorsey Wright Micro-Cap ETF</mgmtInvFundName>
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          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Dorsey Wright Micro-Cap ETF" sharesOutstandingClassId="C000201032" sharesOutstandingTickerSymbol="DWMC"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <collateralManagers>
          <collateralManager collateralManagerName="N/A" collateralManagerLei="N/A" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>533021.05000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>14553.42000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Dorsey, Wright &amp; Associates, LLC</subAdviserName>
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            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-VA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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        <custodians>
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            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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            <custodianName>The Depository Trust Company</custodianName>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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        <brokers>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Q Portfolio Blended Allocation ETF</mgmtInvFundName>
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        <fundLendSecurities didFundLendSecurities="Y">
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            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <collateralManagers>
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        <netIncomeSecuritiesLending>2608.47000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <broker>
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            <brokerName>A.G.P. / ALLIANCE GLOBAL PARTNERS</brokerName>
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        <aggregateCommission>3659.00000000</aggregateCommission>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Dorsey Wright Short ETF</mgmtInvFundName>
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          <fundType>Exchange-Traded Fund</fundType>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
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        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Dorsey, Wright &amp; Associates, LLC</subAdviserName>
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            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
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            <isSubAdviserHired>N</isSubAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>The Bank of New York Mellon</adminName>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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        <aggregateCommission>258621.00000000</aggregateCommission>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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          <principalTransaction>
            <principalName>Cowen and Company, LLC</principalName>
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        <principalAggregatePurchase>91964926.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>60631742.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Alpha DNA Equity Sentiment ETF</mgmtInvFundName>
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          <fundType>Exchange-Traded Fund</fundType>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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        <collateralManagers>
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          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Alpha DNA Investment Management LLC</subAdviserName>
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            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Q Dynamic Growth ETF</mgmtInvFundName>
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        <securityLendings>
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            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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        <collateralManagers>
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        <paymentToAgentManagers>
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        <avgPortfolioSecuritiesValue>11747882.10000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>16634.56000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
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        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <broker>
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          <broker>
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          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
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          <principalTransaction>
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      <managementInvestmentQuestion>
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            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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            <adminName>The Bank of New York Mellon</adminName>
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        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
            <adminLei>HPFHU0OQ28E4N0NFVK49</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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            <brokerLei>549300RA02N3BNSWBV74</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1366620.96000000</grossCommission>
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        <aggregateCommission>1366621.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Cowen and Company, LLC</principalName>
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            <principalLei>549300WR155U7DVMIW58</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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        <principalAggregatePurchase>41695895.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>92777106.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Pure US Cannabis ETF</mgmtInvFundName>
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        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Pure US Cannabis ETF" sharesOutstandingClassId="C000215439" sharesOutstandingTickerSymbol="MSOS"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="N/A" collateralManagerLei="N/A" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>6170682.42000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>72672.87000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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            <investmentAdviserLei>N/A</investmentAdviserLei>
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            <investmentAdviserHired isInvestmentAdviserHired="Y">
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        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
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            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
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          <custodian>
            <custodianName>CIBC Mellon Trust Company</custodianName>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>Y</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
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            <adminStateCountry adminState="US-NY" adminCountry="US"/>
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        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
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        <aggregateCommission>166323.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
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            <principalStateCountry principalState="US-IL" principalCountry="US"/>
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          <principalTransaction>
            <principalName>Cowen and Company, LLC</principalName>
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          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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          <principalTransaction>
            <principalName>THE BANK OF NEW YORK MELLON</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
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        <principalAggregatePurchase>1562351155.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>541723165.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AdvisorShares Focused Equity ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000055090</mgmtInvSeriesId>
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        <isFirstFilingByFund>N</isFirstFilingByFund>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Focused Equity ETF" sharesOutstandingClassId="C000173320" sharesOutstandingTickerSymbol="CWS"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <collateralManagers>
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        <netIncomeSecuritiesLending>1756.39000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
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          <transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
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            <brokerName>VIRTU AMERICAS LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1291.70000000</grossCommission>
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        <aggregateCommission>1292.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BOFA SECURITIES, INC.</principalName>
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          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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      <managementInvestmentQuestion>
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        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="AdvisorShares Hotel ETF" sharesOutstandingClassId="C000226855" sharesOutstandingTickerSymbol="BEDZ"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <collateralManagers>
          <collateralManager collateralManagerName="N/A" collateralManagerLei="N/A" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <avgPortfolioSecuritiesValue>138229.43000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>61.23000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AdvisorShares Investments, LLC</investmentAdviserName>
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            <investmentAdviserHired isInvestmentAdviserHired="Y">
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        <transferAgents>
          <transferAgent>
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            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
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            <custodianName>The Bank of New York Mellon</custodianName>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>The Depository Trust Company</custodianName>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Securities depository - rule 17f-4 (17 CFR 270.17f-4)</custodyType>
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        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
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            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        <isShareholderServiceHiredTerminated>Y</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>The Bank of New York Mellon</adminName>
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            <adminStateCountry adminState="US-NY" adminCountry="US"/>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
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          <principalTransaction>
            <principalName>EXTENDED STAY AMERICA, INC.</principalName>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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    <signature registrantSignedName="AdvisorShares Trust" signedDate="2021-09-08" signature="Dan Ahrens" title="Secretary and Treasurer"/>
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